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FINANCIAL NEWS
Egypt’s GDP forecasts to grow at 3.5 percent
11 Feb 2016
(MENAFN) Egypt’s gross domestic production (GDP) growth will reach 3.5 percent for the financial year (FY) 2016, which is 0.1 percent lower than the forecast it expected last month.
Moreover, Focus Economics dropped the GDP forecast to 3.6 percent after it expected a rate of 3.8 percent in Dec, and the Co. expects Egypt’s GDP growth rate for next year to be 4.2 Pct.
Additionally, the government will raise the customs prices for almost 400 “luxury goods”, like nuts, furniture, clothing, shoes, home appliances and other products.
The new prices will grow the government’s debt income by USD 128mn in the second half of FY 2015/2016, while the new order will burden citizens with more prices.
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